Canadian RegTech solution providers, PortfolioAid and VigilantCS, have formed a strategic partnership to help Canada’s wealth management industry tackle client-focused reforms (CFRs) with award-winning technology. Under CFR, firms must comply with new conflict of interest provisions by June 30, 2021, and new KYP/KYC suitability obligations by Dec. 31, 2021.
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“Both firms automate and digitize core CFR controls to support wealth management firms, decreasing cost of compliance and improving evidence of compliance,” says VigilantCS CEO and Co-founder Rob Kirwin. “Together, we offer targeted and effective technology that provides insight into a broader set of compliance behaviours, improves efficiencies, and reinforces confidence.”
Notes PortfolioAid President Sam Webster, “PortfolioAid’s business focus has always been on providing solutions that improve financial, regulatory, and reputational outcomes for its clients. Wealth management firms can be confident they can satisfy CFR with PortfolioAid and VigilantCS because they will be able to draw on the combined knowledge, experience and technology strengths of this alliance.”
VigilantCS empowers organizations to better administer and manage core staff compliance requirements, including advisor and dealer conflict-of-interest management, registration and continuing education tracking and management. PortfolioAid provides intelligent compliance management software for gapless T1 / T2 trade surveillance, KYC/KYP suitability monitoring, case management, and audit preparation/reporting.
